Cashless India: DigiEdu4all; IDFC is turning rations shops into outlets for banking.
IDFC is converting ration shops into banking outlets by recruiting Public Distribution System (PDS) agents as business correspondents. This private bank has seen an opportunity to convert distributors into partners, rather than customers.
IDFC bank had recently rolled out IDFC Aadhaar Pay in association with the Unique Identification Authority of India. The service involves use of a point of sale device that has fingerprint scanner, which facilitates using Aadhaar. The customer does not need to swipe a debit card, remember passwords or own a cellphone. In addition, there are no transaction fees.
In rural and semi-urban areas, where customers need `assisted digital` banking formats, IDFC Bank`s Aadhaar merchant solution is a perfect fit. The merchant benefits from the medium- as this a new AEPS payment railroad, it has no merchant discount rate attached to it and can provide the service to customers without having to pay the bank a transaction fee.
Your views, suggestions or comment are most welcome. Sunder Thadani. 20170227.
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